In this photo made June 2, 2010, a for sale sign is posted in a lot for sale next to a new home under construction, in Cincinnati. Home construction plunged last month to the lowest level since December as builders scaled back without a federal tax credit to lure buyers. Building permits also fell, a sign the construction industry won't fuel the economic recovery.So the marxist-sociopaths have three stimulus plans that have failed and failed miserably and the one Bush did has also failed miserably. How's that for a GREAT financial boom?

WASHINGTON (AP) - Home construction plunged last month to the lowest level since December as builders scaled back without a federal tax credit to lure buyers. Building permits also fell, a sign the construction industry won't fuel the economic recovery.

The Commerce Department said Wednesday that construction of new homes and apartments fell 10 percent from a month earlier to a seasonally adjusted annual rate of 593,000. April's figure was revised downward to 659,000.

The results were driven by a 17 percent decline in the single-family market, which had benefited earlier in the year from federal tax credits of up to $8,000. It was the largest monthly drop in single-family construction since January 1991.

Applications for new building permits, a sign of future activity, also fell. They sank 5.9 percent to an annual rate of 574,000, the lowest level in a year.

The report missed Wall Street expectations by a wide margin. Economists surveyed by Thomson Reuters had predicted that housing construction would only fall to seasonally adjusted annual rate of 650,000 and had forecast that building permit applications would increase to an annual rate of 630,000.

In a typical economic recovery, the construction sector provides much of the fuel. But that hasn't happened this time. Developers are trying to sell a glut of homes built during the boom years. And they must compete against foreclosed homes selling at deep discounts. [...] go read the rest

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